Title and Escrow Closings

Ohio Real Title provides Title & Escrow Closings for residential and commercial transfers or refinances throughout all of Ohio’s 88 counties. Take advantage of our Anytime/Anyplace closing at no additional cost, and a closing agent from our nationwide network of experienced closers will meet with the buyers, sellers or borrowers anywhere, at anytime, to complete the signing of the closing documents.

Referring to any money, property, deed, or bond that is placed in the custody of a third-party for delivery to a granter after specified conditions are met, escrow ensures that all parties get what they are due at the same time.  While your real estate agent may have a good working relationship with, and recommend, an escrow company, it ultimately is your choice as the buyer or seller to choose the company for your escrow. 

To set up escrow, the principals or their agents must provide a copy of the purchase contract, deposit, and any information necessary to prepare escrow instructions to an escrow officer. The escrow instructions detail the requirements agreed upon by the two parties in the purchase contract. Upon review and execution by both the seller and buyer, the escrow company then proceeds according to the instructions. Once all conditions set in the escrow instructions are met, the holder of the escrow records all necessary documents and closes the escrow. Because the escrow holder is a neutral third party and can only operate based on the written instructions, it is important to be clear and concise in the escrow instructions. 

After scheduling your closing in advance with the loan office and escrow officer, you can prepare for the transaction to ensure there are no last minute problems. It is recommended that you do not change jobs or take on additional debt before the closing happens, as your credit may need re-verified before closing. You will also want to be prepared to arrange for homeowner insurance to be in place as soon as the closing is over. 

At the time of closing, be sure you have proper identification, such as a state-issued ID, drivers’ license, or passport. Also keep in mind that the escrow holder must have a cashier’s check or wired funds to close escrow promptly and to ensure that all funds are cleared before the close of escrow. Wire transfers normally happen within 6 hours, but checks will take longer.

While personal checks may be accepted, it may take up to ten days for funds to clear, causing a significant delay in the closing process. 

After all necessary documents have been recorded, the escrow holder waits for the wire transfer from the title company; upon receipt, the escrow holder will then balance the file and issue checks and closing statements. There are costs associated with a closing that will vary depending on the type of transaction. Escrow fees are based on the escrow’s value, which may be calculated according to the sale price or loan amount. Fees can also vary depending on the complexity or additional services that may be required to facilitate the transaction. Other fees may include new loan financing charges, commissions, title fees, the payoff to existing lenders, or notary services. The escrow holder does not control fees charged by outside parties, and you do have the right to request a closing statement to review before closing the escrow.

Items such as fees and interest may change daily, and the “refundable paid line” is used to avoid shortage when the escrow is closed. Any unused amount of the refundable paid will be given back at the transaction close.

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